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1、Starting up in Germany:Trends in German Business IncorporationsContents ForewordMethodologyIncorporations analysisReigonal breakdownIndustry analysisCompany spotlightsWhy are there more incorporations in the UK compared to Germany?Why Germany is your next big opportunity1235689121Beauhurst began in

2、2010 as a comprehensive database of UK investors,quickly evolving into a platform for discovering the countrys high-growth ecosystem.Over time,we realised the potential of capturing every significant milestone for all UK private companies,from fundraising rounds and new office locations to patent fi

3、lings and news.With a broad range of signals,we now track companies at every stage of growth across all sectors,offering a comprehensive view of the UK business landscape.With this foundation,were ready to tackle our next major challenge:international expansion.Many of our clients already seek accur

4、ate data on private companies outside the UK in order to monitor competitors,benchmark deals,and gain a full understanding of international markets.Our first step in this direction is Germany,Europes largest economy and a hub for innovation and technology.As in the UK,weve started with national regi

5、stry data meaning we have data on every company in Germany.From this base,just like our UK offering,were building out our detailed company datasets from websites and classification to trusted news and beyond.The report youre reading marks our initial step into German and international content that l

6、everages this new data.This is just the beginning as we continue expanding our coverage across Germany and beyond.Watch this space theres more to come.Chynna Brenham,Data Strategy ManagerForewordMethodologyAll the data for this report was gathered using Beauhurst data,taken directly from the Beauhur

7、st platform.The data for this report was finalised on 8 October 2024.The data compromises of all companies incorporated in Germany and the UK in 2023.Director data is exclusively active directors.“Inactive”companies are only those which have ceased trading and been dissolved.“Active”companies includ

8、e all other company statuses,including those in administration or dormant.Each company has been categorised into at most one WZ or SIC code(from their filings).23Incorporations analysisIn 2023,118,750 companies were incorporated in Germany a 7%decrease from 2022.Incorporations in Germany peaked in 2

9、021 and declined in 2022 and 2023.German incorporations by yearIn 2023,879,172 companies were incorporated in the UK an 11%increase from 2022.By contrast,company incorporations in the UK have been steadily growing each year since 2020 where there were 780k new companies incorporated.However,the UK i

10、s on track to have fewer incorporations in 2024 than previous years from 690k incorporations in 2019 to 829k incorporations 2023.UK incorporations by yearThe good news?Germany is on track to have one of its highest incorporation rates in 2024.To learn more,jump to page 12.4In Germany,Q1 2023 had the

11、 highest number of incorporated companies(30.7k)and Q2 had the lowest(28.2k).German incorporations by quarterUK incorporations by quarterIn the UK,Q1 2023 also had the highest number of incorporated companies(224k)and Q2 the lowest(215k).However,the inter-quarter difference for both countries isnt h

12、uge there were only 9.90k more company incorporations in the UK in the highest quarter compared with the lowest.And in Germany,there was only a 2.47k difference between the highest quarter and the lowest quarter.So,while we do often see a lot of incorporations in Q1,they tend to be relatively evenly

13、 distributed across the year for both Germany and the UK.30.7kcompanies incorporated in Germany in Q1 2023Incorporations analysis5Regional breakdownTo create our regional breakdown,weve used courts for Germany.There are currently 115 Regional Courts and 24 Higher Regional Courts where companies can

14、be registered in Germany.Each of these courts oversees a particular area.Berlin had the highest number of incorporations,with 5.29k companies incorporated in 2023.Mnchen came in second place with 4.30k companies incorporated,and Hamburg came in third with 2.90k.In the UK,as we usually see in our dat

15、a,London was the top region with a huge 304k companies incorporated in the UKs capital.This was followed by the South East(89.6k)and the North West(84.9k).If we split the UK into countries,Wales had 44.2k companies incorporated and came second behind England with 777k.Scotland had 40.7k companies in

16、corporated in 2023 and Northern Ireland was in fourth place with 14.0k.Its not unusual for us to see company formations taking place in the larger cities and our German and UK data reflects that.These maps show the top ten courts for Germany and the number of incorporations by region for the UK.Indu

17、stry analysisTop five WZ codes in 2023An analysis of German company incorporations by WZ codes reveals that management activities of holding companies lead by a significant margin,with more than twice the number of incorporations compared to the second most common category.According to Britannica,Ge

18、rmanys key industries are machine building,automobiles,electrical engineering and electronics,chemicals,and food processing.Its interesting here to see some WZ codes that dont necessarily fall into those categories.However,as we expand our industry classification over German companies,we will be abl

19、e to identify what these companies actually do.What are WZ codes?WZ codes,introduced in 2008,are Germanys system for classifying industries and economic activities.Like the UKs SIC codes,they group businesses into sectors based on their primary activities.Although WZ codes are specific to Germany,th

20、ey are aligned with the broader NACE(Nomenclature of Economic Activities)classification used across the European Union.While WZ and SIC codes are quite similar,WZ codes offer an additional level of detail,providing greater granularity in classification.Management activities of holding companies 17,0

21、771.Other activities of head offices 8,1032.Other information technology and computer service activities 3,5683.4.5.Business and other management consultancy activities 2,867Buying and selling of own residential real estate 2,86067In the UK,we analysed company incorporations by SIC codes.There were

22、215k companies incorporated in the wholesale and retail trade/repair of motor vehicles and motorcycles industry in 2023.This was over double the amount of any other SIC code.Professional,scientific and technical activities came in second with 102k companies and construction came third with 82.9k inc

23、orporations.Get enhanced industry classificationWZ codes and SIC codes allow us to have an overview of what these companies do,but we know these types of categories arent always reliable or precise enough.WZ codes and SIC codes were last updated in 2008 and dont thoroughly cover modern industries an

24、d as you can see from the rankings we have included they arent descriptive enough to narrow down a company into one particular field.At Beauhurst,we know how important it is to go further than that.Thats why we have our new industries classification.Our industries include over 280 types of business

25、and as we roll out our German data,well have industry classification on all our German companies(as we do with UK companies).Top five SIC codes in 20231.Wholesale and retail trade/repair of motor vehicles and motorcycles 214,9212.Professional,scientific and technical activities 102,455Construction 8

26、2,907Administrative and support service activities 79,724Information and communication 77,7883.4.5.Industry analysis8Here,we look at the top three German companies founded in 2023 that have attracted the most equity funding.Company spotlightsProxima FusionLocation:Munich Number of fundraisings:Three

27、 Total amount raised:23.2mProxima Fusion designs stellarator fusion reactors with the aim of acting as a fusion power plant concept.The energy company that was incorporated just last year and has already gone through three funding rounds,raising a total of 23.2m.It also hit our Environmental Signal

28、for clean&renewable energy.smaltLocation:BerlinNumber of fundraisings:Two Total amount raised:10.3msmalt is a Germany-wide installer of photovoltaic systems,aka solar panels,for private and commercial properties.This Berlin-based company has secured two funding rounds since its incorporation,raising

29、 a total of 10.3m.Like Proxima Fusion,it hit our Environmental Signal for clean&renewable energy.deeploiLocation:BerlinNumber of fundraisings:Two Total amount raised:7.74mdeeploi develops IT management software,including onboarding,cybersecurity,and IT support.Another Berlin-based company,deeploi ha

30、s raised 7.74m over two rounds.9Cost First and foremost,it costs more to incorporate a company in Germany.In Germany,establishing the equivalent GmbH(similar to a UK Ltd company)requires a minimum capital of 25k,whereas in the UK,the paid-up share capital required for a limited company is as low as

31、1.To help founders overcome this initial hurdle,Germany introduced the Entrepreneurial Company(better known as a UG in Germany)to give business owners the opportunity to form a company without needing the 25k down payment.So why would you choose a GmbH with higher capital?While the UG allows you to

32、start with very little upfront capital,the GmbHs higher capital requirement offers a number of advantages.One is credibility.GmbHs are often perceived as more established and trustworthy by clients,partners,and banks.The higher share capital provides a buffer for creditors in case of insolvency,whic

33、h can make the company more attractive for business relationships.Another is profit retention and growth capital.With a GmbH,once its established,youre free to distribute profits to shareholders after taxes,provided legal requirements are met.Whereas,the UG is required by law to retain 25%of its ann

34、ual profits until the share capital reaches the minimum 25k.Once this threshold is reached,the UG can convert into a GmbH.Germany has 84 million residents thats 1.25 times more than the UK.So,why were there 7.4 times more company incorporations in the UK in 2023?According to DW,people are becoming l

35、ess interested in opening a business in Germany.In 2022,the number of consultations for aspiring founders at the regional Chambers of Industry and Commerce declined by a total of 154,785 applicants,according to a report released by the German Chamber of Industry and Commerce.This marks the lowest le

36、vel since tracking began in 2002.The long-term trend for new business inquiries is also declining.The report stated that over the past 13 years except for brief upticks in 2016 and 2019 fewer people have sought guidance on starting a business each year.But why is this happening?In Germany,establishi

37、ng the equivalent GmbH(similar to a UK Ltd company)requires a minimum capital of 25k.”Why are there more incorporations in the UK compared to Germany?10 Shell companiesIn the UK,theres been a noticeable increase in the creation of shell companies,often used for tax reasons or to hide assets.In fact,

38、as of November 2023,Moodys Shell Company Indicator“Found that the UK leads the world for shell company-related risks with almost five million flags.”Although recent reforms have tried to tackle this issue,the ease of setting up and shutting down companies in the UK has historically led to an inflate

39、d number of incorporations.In comparison,Germanys stricter rules,like higher costs and required share capital for incorporation,make it harder to create shell companies.Property management companiesIn the UK,its common for property owners,especially in shared ownership situations like blocks of flat

40、s,to form private limited companies(Ltd)to manage common areas and shared responsibilities.The structure of an Ltd provides legal protection and financial accountability for those involved.According to our data,there are 693k active companies with the SIC code relating to property management.Whereas

41、 Germans typically hire professional property management firms(Hausverwaltung)instead of creating their own new companies.This is thanks to a strong legal framework that supports joint property ownership through Homeowners Associations(Wohnungseigentmergemeinschaft),reducing the need for separate le

42、gal entities.Side ventures and freelance workWhen it comes to small side ventures in Germany,many freelancers operate as sole proprietors(Einzelunternehmer)to avoid the complexities and costs of forming a limited liability company(GmbH).The stricter rules around incorporation in Germany,including hi

43、gher capital requirements and tax compliance,discourage many from formalising smaller ventures.The UKs vibrant entrepreneurial culture sees lots of people set up limited companies for online businesses and freelance work,as they benefit from favourable tax rates and limited liability.As a result,UK

44、residents often use company structures for tax efficiency and protection,while Germans typically opt for simpler business models until their ventures grow.Time There are other elements to consider when forming a company in Germany time,for instance.Entrepreneurs often aim to start operations as quic

45、kly as possible.In the UK,its possible to purchase an off-the-shelf company and change the name the same day,allowing the business to be ready for trade within hours.By contrast,in Germany,companies must be formed from scratch and registered with the commercial register of the respective state(“Land

46、”)before they can begin tradinga process that can take weeks rather than days.How companies are used in Germany versus the UK There are differences in how businesses are used in the UK versus in Germany.Why are there more incorporations in the UK compared to Germany?Why are there more incorporations

47、 in the UK compared to Germany?Although there are challenges to incorporating a company in Germany,once a business is successfully incorporated,the country offers a host of benefits that can unlock new,exciting opportunities for growth and success.Germany boasts a robust and stable economy,often con

48、sidered the economic engine of Europe.This stability creates a secure environment for businesses,with access to one of the largest consumer markets in the world.When it comes to incorporating a business in Germany,one of the key factors in being successful is having access to the right data.With our

49、 new German private company data,theres never been a better time to uncover opportunities in Europes largest economy.Germany boasts a robust and stable economy,often considered the economic engine of Europe.This stability creates a secure environment for businesses,with access to one of the largest

50、consumer markets in the world.”4.94m Active companies in the UK2.80m Active companies in GermanyGermany has a long and historic legacy of a strong economy,and while weve seen a decline in incorporations in 2023,theres a promise of a stronger-than-ever year in 2024.For businesses,investors,and data-d

51、riven professionals,this means that now is the perfect time to engage with German private market data.As the country gears up for renewed growth,understanding the trends,market demands,and emerging sectors will be invaluable.Whether youre looking to enter new markets,expand existing operations,or ma

52、ke informed investment decisions,having access to comprehensive German data in 2024 can unlock opportunities you didnt even know existed.Beauhursts new German data gives you access to:Registry information such as financial statements,including turnover and employee figures,as well as directors,corpo

53、rate structures and more.Website and social media accounts Company descriptions and industry/buzzword classifications Fundraisings And much more Want to know more?Speak to one of our experts,book a demo or hit reply on any email from the Beauhurst team.Why Germany is your next big opportunityWeve al

54、ready seen 123,564 incorporations in Germany in 2024 so far.Not only has this surpassed the number of incorporations made in the entirety of 2023,it could also mean Germany is on track for record high growth.12Lily Ruaah Lily is a Content Associate and professional writer,with over seven years of ex

55、perience.She is responsible for content creation at Beauhurst and specialises in both creative and analytical writing.Prior to this,she completed a BA and MA in Creative Writing.Ben Hyde Ben is a Senior Graphic Designer,creating everything from branding materials to visual content for Beauhursts blog and long-form reports.He has a keen eye for detail and a passion for good design.Ben holds a BA in Graphic Design from the University of Cumbria.Authors13